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Bitcoin Spikes to $99K as Eric Trump Issues Buy Signal

Albert Brown
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Bitcoin Spikes to $99K as Eric Trump Issues Buy Signal

Eric Trump, son of U.S. 47th President Donald Trump, suggests it’s about the best time to buy more Bitcoin amid ongoing price struggles below $100K.

Bitcoin remains below the $100,000 mark despite recent endorsements from prominent figures, including Eric Trump. The OG crypto experienced a slight increase following his remarks, reclaiming the $99K level.

At press time, Bitcoin traded at $98,980, up by 1% in the past 24 hours but down by 6.68% over the past week.

Eric Trump Bitcoin Buy Signal

In a tweet today, Eric Trump advocated for Bitcoin, calling the current moment an opportune time to add more tokens. Specifically, he hinted at new acquisitions via World Liberty Financial, a DeFi protocol inspired by Donald Trump. In his words,

“Feels like a great time to enter BTC!”

Interestingly, his post caught the attention of Michael Saylor, MicroStrategy’s chairman. Saylor, known for his strong Bitcoin advocacy, responded with a statement reinforcing confidence in the asset. “No ₿etter Time,” he remarked.

Notably, after a 12-week buying streak, MicroStrategy ended its weekly billion-dollar Bitcoin acquisition.

Early this month, Saylor met with Eric Trump at Mar-a-Lago, Donald Trump’s private estate, fueling speculation about discussions on cryptocurrency. Neither party disclosed specific details, but their posts indicated Bitcoin was a key topic of conversation.

Eric Trump’s Ethereum Endorsement

Meanwhile, Eric Trump has also expressed support for Ethereum in a previous commentary on X. He urged his audience to consider investing in the asset at a time when ETH sold at a historic low last week.

 

World Liberty Financial (WLFI) continues accumulating Ethereum, anticipating a potential price increase and moving the tokens for operational purposes.

However, Eric Trump’s Ethereum advocacy drew criticism from Bitcoin proponents. Max Keiser, an advisor to El Salvador’s government, referenced past regulatory concerns, highlighting Ethereum’s previous scrutiny by the U.S. SEC.

Talks on Strategic Bitcoin Reserve

David Sacks, a key advisor in the Trump administration’s AI and crypto policies, confirmed an ongoing evaluation of a potential Bitcoin reserve. He noted that discussions were still exploratory, with no definitive decision or timeline.

Sacks previously voiced support for regulatory measures, endorsing an executive order on cryptocurrency. The directive establishes clear regulatory definitions and reinforces the U.S. dollar’s dominance through stablecoin integration.

The initiative aligns with a proposal by the Bitcoin Policy Institute, which advocates for incorporating Bitcoin into the U.S. financial system through the Treasury’s Exchange Stabilization Fund.

Kraken Shifts 1,239,940,928,235 Shiba Inu Worth $20M to Unknown Wallet, but There’s a Catch

Elendu Benedict
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Kraken Shifts 1,239,940,928,235 Shiba Inu Worth $20M to Unknown Wallet, but There’s a Catch

A recent large Shiba Inu transaction between crypto exchange Kraken and an unknown wallet has raised eyebrows among the crypto community.

Whale Alert, a prominent whale tracking platform, alerted the crypto community to a staggering Shiba Inu shift. The contentious transaction saw Kraken, one of the largest cryptocurrencies in the industry, move multi-billions of the prominent meme coin to an unidentified address. 

Transaction Details

In a Wednesday tweet, Whale Alert shows that Kraken transferred 1,239,940,928,235 SHIB from its hot wallet to an unmarked address. On-chain analysis shows that the transaction involving the substantial amount of Shiba Inu occurred on Wednesday at 14:52 (UTC).

Notably, Whale Alert deemed the receiving address “0x22af” an unknown address, raising speculations that the transaction might have involved an exchange withdrawal. 

What’s the Catch?

However, further analysis indicates that the receiving wallet is a Kraken-funded account. Additional insight from market intelligence firm Arkham confirmed that the wallet has ties with the crypto exchange, as it labeled the address “Kraken Deposit.”

Hence, the 1.24 trillion SHIB moved was just an internal shuffle. The exchange transferred the $20 million worth of Shiba Inu internally, an endeavor that trading platforms periodically undertake for security purposes.

Notably, Shiba Inu is not the only asset Kraken moved to the deposit address on Wednesday. Data from Whale Alert highlighted that the exchange moved Uniswap (UNI) and the Official Trump token (TRUMP) to a similar address.

For context, Kraken shifted 2,225,197 UNI ($20.7 million) to the same receiving address as Shiba Inu. However, it transferred 1,155,431 TRUMP ($23.1 million) to wallet address “F7RkX6,” an address also marked as a Kraken Deposit.

Shiba Inu Remains Dogged 

Meanwhile, the prominent meme coin has remained dogged in the face of market uncertainties. Shiba Inu has started the day positively again, surging over 2% to its current market price of $0.00001605.

Moreover, Shiba Inu seems to follow an earlier analysis that suggested a downside to the 0.618 Fibonacci level at $0.00001735 before an explosion to unprecedented highs. Following the fulfilled lows and a rejection of lower prices, the meme coin looks for the speculated rally.

Cardano Set for Monster Parabolic Rally, Likely to Surge 2,900% to $15: Expert

Abdulkarim Abdulwahab
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Cardano Set for Monster Parabolic Rally, Likely to Surge 2,900% to $15: Expert

While the recent Cardano performance has been discouraging, analyst Ali Martinez has found reasons to believe “a Monster Parabolic Rally” is imminent.

Martinez shared this perspective in a tweet on Wednesday, highlighting Cardano’s historical trends. According to him, if past data holds any weight, ADA might be on the verge of a historic breakout toward a new all-time high.

This bold claim comes at a time when sentiment around Cardano is waning, as the token has tanked by 21% over the past week.

It looks even worse when considering its monthly chart, which shows a 33% loss for holders who bought ADA when it traded above $1.1. However, using historical data, Martinez seeks to offer hope to ADA holders.

Promising Insight from Cardano History

The chart accompanying the tweet draws parallels between ADA’s current price structure and its 2021 breakout. Notably, the structure preceded a multi-thousand percent surge for ADA.

The image highlights a consolidation phase where ADA fluctuated within a defined range before breaking out into a parabolic rally. An arrow marks this critical breakout point from the past, and a similar shaded region suggests that history may be repeating itself.

If so, ADA could be at the very beginning of another explosive uptrend. Meanwhile, the chart suggests Cardano could retest lows around the $0.5 mark before the breakout to an all-time high.

This outlook is further reinforced by Martinez’s commentary, who noted that “there’s still time to prepare.” Upon the eventual breakout, ADA could be looking at a peak in the double-digit range.

Image
Cardano historical chart by Ali Martinez

How High Will ADA Reach?

Currently, ADA trades at around $0.7563, with immediate resistance near $0.90. Should it break past this level, the grayscale price projection on the chart hints at a surge well beyond previous highs, possibly to $15.

This outlook took inspiration from the trajectory ADA followed from around $0.085 to its peak at $3.10. Specifically, this marked a 3,547% price gain from the breakout point.

In the present case, should ADA retest the $0.5 low, rallying to $15 would represent a massive 2,900% upside for steadfast holders.

Legendary Trader Peter Brandt Agrees

Notably, Martinez is not the only market watcher with a bold outlook for Cardano. Legendary trader Peter Brandt has previously stated that ADA was set for what he calls “a grand bull run,” citing that the coin has ended its bearish phase.

Sharing a similar sentiment, analyst Dan Gambardello forecasts that Cardano could hit a $500 billion market cap, which would elevate the ADA price to $14.

MicroStrategy Reports 74% Bitcoin Yield and 218,887 BTC Acquisition in Q4 2024  

Lele Jima
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MicroStrategy Reports 74% Bitcoin Yield and 218,887 BTC Acquisition in Q4 2024  

Bitcoin largest corporate holder, MicroStrategy (now renamed Strategy), releases its Q4 2024 earnings report, focusing on its BTC investments and other key financial metrics. 

The company released the report on February 5, emphasizing that Q4 2024 marked its largest-ever quarterly increase in its Bitcoin holdings. 

According to the report, Strategy added 218,887 Bitcoin in Q4 2024 alone. This brought its total holdings to 447,470 BTC as of December 31, 2024. This acquisition costs the company a whopping $20.5 billion.

It achieved this feat through its unending capital-raising efforts, including offering convertible notes. 

Strategy’s BTC Yield Hits 74% in 2024 

Notably, it reported a BTC Yield of 74.3% for 2024. This indicator measures the rate at which Strategy grows its Bitcoin holdings. With the company registering a yield of 74.3%, it revised its 2025 annual target to over 15%. 

Interestingly, Strategy introduced a new KPI, BTC $ gain, to track the performance of its Bitcoin holdings. It aims to generate a dollar BTC gain of at least $10 billion by the end of this year.  

Recall that Strategy held a total of 447,470 BTC on December 31, 2024. It sets $23.909 billion as the carrying cost of the Bitcoin holdings. Additionally, the company claimed that it acquired the Bitcoins at an aggregate cost of $27.968 billion, each valued at $62,503. 

The market value of Strategy’s Bitcoin holdings as of December 31, 2024, was $41.789 billion at the price of $93,390 per BTC. 

Fourth Quarter Losses 

Meanwhile, Strategy’s operational expenses skyrocketed to $1.103 billion in Q4, marking a 693.2% increase compared to the figure registered in the previous quarter. 

This stems from the impairment losses of $1.006 billion Strategy registered on its digital asset holdings in Q4. It bears mentioning that Strategy’s digital assets impairment loss was around $39.2 million in Q4 2023. 

Following its high operational expenses, Strategy disclosed a net loss of $670.8 million, or $3.03 per share, compared to the $0.50 registered in the previous year. 

Despite its Q4 loss, Strategy still continued with its Bitcoin acquisition efforts this year, growing its total holdings to 471,107 BTC, valued at $46.5 billion at the current price of $98,712. In the meantime, Strategy’s share is down 3.33% over the past 24 hours to $336.7. 

Bitcoin Analysis: Will Trendline Breakout Send BTC to $103K?

Albert Brown
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Bitcoin Analysis: Will Trendline Breakout Send BTC to $103K?

Bitcoin stabilizes above $96K, signaling a potential breakout. Can BTC rally back to the $103K supply zone? 

As Bitcoin stabilizes above the $96,000 mark, an intraday reversal hints at a strong bullish comeback. Furthermore, speculations in the crypto market suggest a strong bullish rally as fear gradually fizzles out.

Will this breakout rally propel Bitcoin to its $103k? Let’s find out.

Bitcoin Price Action and Key Support Levels

In the 4-hour chart, the BTC price trend finally ends the streak of lower-low formations as it takes support at the 38.2% Fibonacci level at $96,700. With this lower price rejection, a short V-shaped reversal is forming.

Bitcoin Price Chart
Bitcoin Price Chart

Currently, Bitcoin trades at $98,242 and challenges a short-term resistance trendline. Along with the trendline, Bitcoin also faces opposition from the 50% Fibonacci level at $98,611.

Chaikin Money Flow and Volume Analysis

As Bitcoin aims to restart the higher-low trend formation, the Chaikin Money Flow Index reflects a minor uptick in flow as it sustains a positive trajectory at 0.12. The bulls are maintaining a solid stand.

Furthermore, the up-and-down volume reveals a significant recovery on the bullish front, with 2X up volume supporting the reversal in Bitcoin prices. Hence, price action analysis reveals a high possibility of a breakout rally.

BTC ETF Flow

Amid growing optimism for a bullish recovery in the Bitcoin market, institutional support remains strong, reinforcing the upward momentum. 

BlackRock led the daily net inflows with $44.35 million, followed by WisdomTree adding $11.38 million, and Fidelity acquiring $10.65 million worth of Bitcoin.

Bitcoin ETFs
Bitcoin ETFs

Bitcoin Derivatives Market Outlook

Bitcoin derivatives market remains significantly bullish, despite Bitcoin open interest dropping below $60 billion. Currently, the open interest has surged 1.43% in the last 24 hours, reaching $59.65 billion.

Bitcoin Funding Rate
Bitcoin Funding Rate

However, over the past 24 hours, the long-to-short ratio has significantly improved. From 0.9841 to 1.0454, the number of bullish players in the market has equalized the playing field.

Funding Rate Decline – A Bearish Signal?

While the long-to-short ratio suggests an almost equal number of bulls and bears, a drop in the funding rate indicates a stronger bearish stance.

The funding rate has dropped from 0.007% to 0.0024% over the past few hours. This signals a potential shift in momentum despite the overall bullish sentiment.

BTC Price Targets

The market anticipates a potential breakout rally as Bitcoin stabilizes above $96K and shows signs of a bullish reversal. Based on Fibonacci levels, the uptrend will likely challenge the 78.6% Fibonacci level at $103,393. 

However, the declining funding rate suggests lingering bearish pressure, making the $94.3K support a crucial level to watch.  

If You Still Don’t Hold XRP, You’re Doing Something Wrong: Expert 

Abdulkarim Abdulwahab
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If You Still Don’t Hold XRP, You’re Doing Something Wrong: Expert 

John Squire, a widely followed social media manager, has suggested that those not holding XRP are likely making a mistake in their investment strategy.

Squire shared this sentiment in a tweet on X, urging crypto enthusiasts to consider adding XRP to their portfolios as they await the 2025 bull run.

XRP Compared to Rivals

XRP, the third-largest crypto asset behind only Ethereum and Bitcoin, has been one of the best tokens to hold in recent times. With a market price of $2.45, XRP boasts a year-to-date gain of 18%.

Meanwhile, close rivals like BNB, Dogecoin, and Ethereum are struggling with significant losses. In particular, BNB is down 17% year-to-date, while Dogecoin and Ethereum holders are nursing losses of 15% and 14%, respectively, since the start of the new year.

Looking at a longer timeframe, the performance gap grows even wider. Despite XRP losing 21% of its value over the past week, it still boasts an impressive 90-day gain of 351%.

In contrast, Ethereum shows a flat performance over the past three months with a negative 1.73% return. A similar trend is observed in BNB and other close rivals.

Given XRP’s strong performance relative to leading crypto assets, market commentators like Squire continue to encourage more investments in XRP, seeing it as a better play for the upcoming bullish wave in the market.

“If you still don’t have XRP, you’re doing something wrong,” Squire wrote in his tweet.

Optimism Around Holding XRP

Many users shared his sentiment in response. One X user, Himothy, remarked that he knows people who hold Bitcoin but no XRP, expressing dismay at their investment choice.

Meanwhile, market commentators like Edo Farina have even suggested a required quantity of XRP tokens for investors to hold in order to make it into the ranks of the wealthiest holders.

The growing confidence in XRP’s performance has led many, including respected voices in the community like John Deaton, to predict that XRP could overtake Ethereum in this market cycle.

They are confident that XRP will reclaim its position as the second-largest crypto asset behind Bitcoin, as it briefly did in 2018.

Critics Caution on Holding XRP for Too Long

Meanwhile, market critics like Davinci Jeremie are warning against overexposure to XRP. In a recent statement, Jeremie noted that he does not recommend XRP as a long-term investment. Instead, he advises market participants to view XRP as a trading opportunity for short-term profits.

Jeremie remains skeptical of XRP due to its ties to the banking system, which he views negatively. He compares it to the Federal Reserve and cautions that investing in it long-term is akin to supporting an exploitative financial system.

Despite his skepticism, Jeremie has stated that XRP could rally to $24 this year, representing nearly a 9X opportunity for today’s buyers.

Shiba Inu Lead Reacts as SHY Project Featured in Top Crypto Rankings

Albert Brown
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Shiba Inu Lead Reacts as SHY Project Featured in Top Crypto Rankings

Shytoshi Kusama, the pseudonymous leader of the Shiba Inu ecosystem, has responded to a post ranking the top five crypto communities. 

The list, shared by TRENDY, a coin-ranking bot, features five communities, including one associated with Kusama. Specifically, the ranking highlights notable projects, including Shy On Solana (SHY), a project backed by Kusama.

Other listed communities include Dogwifscarfcoin, an account currently suspended on X.  Purple on Bitcoin, which combines Bitcoin’s security with Solana’s efficiency, JERKSTEVE, and Kekius Maximus CTO, also featured.

Shiba Inu Developer Reacts

Kusama’s engagement with the post comes at a time when discussions surrounding his involvement in different projects are intensifying. His reaction to the ranking coincides with ongoing debates regarding his leadership and transparency within the Shiba Inu ecosystem.

Allegations Emerge Against Kusama

Kusama remains at the center of controversy following accusations made by Shibburn, a widely recognized SHIB burn tracker. The account alleged that Kusama and his associates engaged in unauthorized endorsements and misled the community regarding the SHY token.

Shibburn stated that the team attempted to portray SHY as a project launched by the broader Solana community rather than by Kusama himself.

These claims have reignited concerns about transparency and leadership in the Shiba Inu ecosystem.

The accusations follow a series of discussions about Kusama’s influence over projects tied to the ecosystem, including his role in shaping Shiba Inu’s future direction.

Kusama Announces Transition 

Amid the controversy, Kusama disclosed on X that he would step down from his role as the lead visionary of Shiba Inu. He stated he would transition into a new position as the ecosystem’s lead ambassador.

Throughout his tenure, he contributed to developing key components such as BONE, LEASH, TREAT, ShibaSwap, and Shibarium. While projects like the Shiba stablecoin and Shibacon remain in progress, he expressed satisfaction with the ecosystem’s expansion.

Meanwhile, Kusama reacted to a bold prediction that SHIB could reach a trillion-dollar market cap. The statement, originally shared by Shiba Inu enthusiast “Shib Research,” suggested that SHIB could play a major role in a financial system powered by Shibarium.

Kusama responded to the claim by indicating that such projections might surprise the public. However, those following the ecosystem’s development closely would not be.

Bitcoin Volatility Incoming as 50K BTC Moves, CryptoQuant Warns

Okoya David
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The Bitcoin price could be set for some significant downside volatility.

In a report on Wednesday, February 5, prominent crypto analytics firm CryptoQuant warned that 49,700 BTC, currently worth nearly $5 billion, that have not moved within the past six to 12 months were now on the move.

Bitcoin Spent Output Age Bands Chart
Bitcoin Spent Output Age Bands Chart. Source: CryptoQuant

According to CryptoQuant analyst “XBTManager,” this move could significantly impact Bitcoin‘s price as the bulk of these assets might be sold off in the coming days. They further warned that this sell-off could lead to panic amongst retail investors, adding to the selling pressure.

Nonetheless, the analyst also cautioned that such movements can sometimes be linked to manipulation as prices tend to rebound quickly.

CryptoQuant‘s recent warning comes as the crypto market has faced significant uncertainty in the past few days.

At the start of the week, Bitcoin had faced a sharp 7% decline from an opening price near $98,000 to trade just above $91,000. Further, several altcoins had seen as much as 20% declines in a move that wiped out over $2 billion in leveraged trading positions in 24 hours.

The market dipped as President Donald Trump looked set to impose significant tariffs on Canada, China, and Mexico.

While the market sell-off has since cooled as the Trump administration has moved to stay its decision to impose tariffs on Canada and Mexico, traders remain on edge, not knowing what to expect next.

As such, another sell-off in the short term could easily trigger some panic. Several analysts continue to suggest that the $90,000 to $91,000 price range is the level that Bitcoin needs to defend or risk a drop to around $70,000.

At the time of writing, the asset trades around the $98,000 price point, representing a negligible 0.61% gain over the past 24 hours.

Something Big Coming? Whales Accumulate Bitcoin Like Never Before

Elendu Benedict
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Something Big Coming? Whales Accumulate Bitcoin Like Never Before

Bitcoin accumulation addresses have seen massive inflows in the past week, leveraging retail sell-offs to stack the pioneering cryptocurrency extensively.

Despite Bitcoin’s recent struggles, whales are still keen on the premier asset. Large holders have seen price fluctuations as an opportunity to buy the fears predominant in the market.

Notable reporter Vivek Sen recently shared a positive accumulation trend among Bitcoin whales. In a tweet today, he noted that inflows into whale wallets have seen an uptick amid market uncertainties.

Accumulation Wallets Sees Inflows

The data cited analytical insight from on-chain data provider CryptoQuant. Further analysis indicates that the inflows were to Bitcoin accumulation addresses.

CryptoQuant revealed that on February 4, these whale accumulation wallets accrued 31,226 BTCs, worth $3 billion at the current market price. This massive inflow follows a trend of enormous acquisitions by these addresses in the past week.

Ki Young Ju, the analytical firm’s CEO and founder, stated that the immense accrual into these wallets could be interpreted as an act of stacking Bitcoin in custody wallets after over-the-counter (OTC) trading.

Ki Young Ju on Bitcoin Accumulation
Ki Young Ju on Bitcoin Accumulation

Whales Buying Retail Fears

Market intelligence firm Santiment confirmed the growing Bitcoin accumulation from whale addresses. It highlighted the typical sentiments from these large holders, who tend to buy more of the pioneering cryptocurrency during mid-sized dumps and market volatility.

Per today’s post, addresses with at least 100 BTC have increased by 135 in February alone. The whales have borrowed Baron Rothschild’s “the time to buy is when there’s blood in the streets” sentiment to increasingly gain exposure to the premier asset.

Meanwhile, the whales have bought Bitcoin at the expense of retail traders. Santiment’s data shows that the large holders stacked the dumps from small retail traders who panicked during the market fluctuation.

Specifically, sub-100 BTC addresses have reduced by 138,680 wallets so far in February following the intense market fluctuation. The analysis suggested that a majority of these sales came from freshmen, particularly those who bought in the last six months.

Bitcoin Accumulation Trend

Nonetheless, Santiment’s commentary highlighted that, more often than not, the market rebounds under such conditions. The firm asserted that a bullish drive is on the cards, noting that it may take a few weeks or even months to materialize.

In the meantime, Bitcoin continues to wallow under $100,000, presenting more opportunities to buy. The asset trades at $98,266, down 6% in the past seven days.

Elon Musk Wants US Government to Put Treasury Transactions on Blockchain

Lele Jima
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0
Elon Musk Wants US Government to Put Treasury Transactions on Blockchain

Elon Musk, Head of the newly-created federal agency DOGE, endorses putting U.S. Treasury transactions on the blockchain. 

The American billionaire has been updating the public about his findings through the Department of Government Efficiency (DOGE). In a recent X post, he accused long-term Department of Treasury officials of constantly breaking the law. 

According to him, these officials have been approving fraudulent payments or those unrelated to Congressional funding laws, indicating a lack of oversight in the department. Notably, he called for an end to this act, saying, ‘This needs to stop NOW!’ 

This accusation prompted the recently confirmed Treasury Secretary Scott Bessent to give Musk and DOGE access to the Treasury Department system. 

Musk Supports Putting Treasury Transactions on Blockchain

Following his statement, popular crypto enthusiast and founder of IBC Group Mario Nawfal asked Musk whether the government should put the U.S. Treasury transactions on the blockchain to address the issue. 

In response, Musk tweeted, ‘Yes!’, endorsing the idea of putting Treasury-related transactions on the blockchain to enhance transparency. 

Musk Considers Blockchain Adoption to Enhance DOGE Operations 

Since Donald Trump’s inauguration, Musk has been looking for ways to help the federal government cut costs through DOGE. Part of this effort could see the agency leverage blockchain technology to enhance its operations. 

Last week, Bloomberg, citing sources familiar with the matter, reported that Movement (MOVE) is one of the top blockchains DOGE is considering to adopt. Although Musk and Movement’s team did not confirm the report, it led to a 12% spike in MOVE’s price. 

Furthermore, Forbes reported that sources close to Musk claim that there are plans to utilize blockchain technology for the U.S. Treasury. According to the report, this move will help secure data, track federal spending, manage government assets, and make payments. 

However, the sources did not disclose which blockchains are considered for adoption. Nonetheless, commentators suggest the agency might leverage an existing blockchain for the Treasury Department, including Bitcoin, Ethereum, or XRP Ledger. 

Also, it could choose to develop an entirely new blockchain from scratch, which might be expensive, contradicting its goal of cutting costs at the federal level. 

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